Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
N. Gary Price: Complaints Against Gig Harbor Financial Advisor
Settled and pending investor complaints against former Gig Harbor, Washington broker and investment advisor N. Gary Price (CRD#: 2406981) allege conduct including unsuitable recommendations, fraudulent investments, conflicts of interest, and more. Price is a former representative of RP Capital Group, where he was registered from 2005 until 2016, according to information drawn from Financial Industry Regulatory Authority records.
In 2019 N. Gary Price was sanctioned by the Securities and Exchange Commission in connection to allegations he failed to disclose to advisory clients his conflicts of interest connected to promissory notes issued by Aequitas Commercial Finance. According to the SEC, ACF was an entity whose “ultimate parent” was Aequitas Management LLC, and Price “served on the Genesis investment committee that approved these investments.” As such, he reaped benefits from his financial ties to Aeqitas, and a firm he partly owned receive $8 million in fees from an Aequitas entity for referring investors “to ACF and other Aequitas issuers.” The SEC states that his ties “created a conflict of interest between [his] interests and those of the mutual funds,” which were not properly disclosed to customers. As a result of these and other alleged activities, N. Gary Price was barred from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public. He was also ordered to pay a civil penalty of $75,000.
A pending 2016 complaint alleges that as a representative of RP Capital, N. Gary Price misrepresented material facts, had conflicts of interest, and made unsuitable recommendations to invest in Aequitas. The complaint alleges damages of $700,000.
A pending 2016 complaint alleges N. Gary Price failed to conduct proper due diligence, violated firm policies regarding investment recommendations and supervision, and made false or misleading statements connected to the sale of securities. The complaint alleges damages of $158,491.
A pending 2016 complaint alleges he acted with intent to deceive, sold unregistered securities, and breached his fiduciary duty. The complaint alleges damages of $12,319,652.
A pending 2016 complaint alleges he made unsuitable investment recommendations, committed fraud, misrepresented material facts, and failed to conduct proper due diligence connected to the sale of a private placement security issued by Aequitas. The complaint alleges damages of $1,810,000.
A 2013 complaint alleged that as a representative of Strategic Capital Group, he incorrectly placed the customer’s funds in speculative and unsuitable investments. The complaint reached a settlement of $85,000.
A 2011 complaint alleged that as a representative of RP Capital, he did not purposefully care for the customer’s portfolio. The complaint reached a settlement of $550,000.
N. Gary Price was most recently with RP Capital in Gig Harbor, Washington, from 2005 until 2016. His employment history includes RP Capital in Gig Harbor, Washington; Pacific West Securities in Renton, Washington; Linsco/Private Ledger Corporation in Boston, Massachusetts; American Express Financial Advisors in Minneapolis, Minnesota; and IDS Life Insurance Company. He currently holds zero state licenses and has passed six securities industry qualification examinations.